New Wave Ventures backs UK tech firm

Semiconductor business Surrey NanoSystems has secured third round funding of £4.5 million from a consortium of investors including New Wave Ventures.

The capital raised takes the company’s fundraising total to £7.4 million, and will be used by the Surrey-based business to commercialise innovations in materials to support the growth of its integrated circuits offerings.

Surrey NanoSystems, which was formed as a spin-out from the University of Surrey, has previously secured £400,000 from IP Group through its first fundraising in January 2007, and £2.5 million from Octopus Ventures, IP Group and the University of Surrey during its second round in August 2009.

The latest injection is in the form of top-up investments from all existing investors.

David Wong, CEO of Surrey NanoSystems, comments, ‘The new funding will be used to take our proven technology to the next stage – to demonstrate it at a scale compatible with the lithography and wafer sizes used in today’s high volume semiconductor manufacture.’

As well as netting £4.5 million, the business has also appointed Lars McBride as its new chairman. McBride has previous experience as head of European mergers & acquisitions at Chase Manhattan and currently sits on the boards of six other businesses.

He adds, ‘The global importance of continued progress in semiconductors cannot be underestimated, and I am delighted to be joining a company with the potential to play such an influential role in shaping the future direction of the technology.’

Tim Bullock, co-founder of New Wave Ventures, says that the fund has long been impressed by the team at Surrey NanoSystems and its accomplishments.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics